MIRA INFORM REPORT

 

 

Report No. :

353062

Report Date :

02.12.2015

 

IDENTIFICATION DETAILS

 

Name :

SOMATEC PHARMACEUTICALS LTD

 

 

Registered Office :

28/B, Segun Bagicha, Dhaka -1000

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

31.12.1970

 

 

Legal Form :

Private Co

 

 

Line of Business :

Manufacturer, Importer and Distributor of Tab, Capsules, Syrup, Suspensions Ointment, Higher antibiotic medicine, Animal Medicine.

 

 

No. of Employee :

1300

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No complaints

 

 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Bangladesh

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

 

EXECUTIVE SUMMARY

 

                                                IDENTIFICATION DETAILS

Correct company Name

:

Somatec Pharmaceuticals Ltd

Previous Name

:

Organ Laboratories Limited

Head Office

:

28/B, Segun Bagicha, Dhaka -1000, Bangladesh.

Tel No

:

88-02-9337667, 9357827

Fax No

:

88-02-8391480

E-mail

:

info@somatecpharma.com  

Website

:

www.somatecpharmabd.com

Date/ Year of Incorporation

:

31.12.1970

Incorporation No.

:

C-3584

Legal Form (General)

:

 Public Listed Co        Public (but not listed)   Private Co   State-owned Co

 Sole Proprietorships  Partnership                     Not Registered

 others (please specify) ________________

Legal form (Specific)

:

LTD   CORP    INC  CO    

 others (please specify) ________________

Issuing Authority

:

Registrar of Joint Stock Companies & Firms      City Corporation

 Municipal Administration                                   Union Council

 Cantonment Board                                              Chief Controller of  Import & Export (CCIE)

 

 

FINANCIALS- SUMMARY

 

      Year

Turnover/ Sales

 Assets

Income/ (Loss)

July’ 13~June’ 14

BDT 410 Million

BDT 31.70 Million

BDT 22.55 Million

July’ 14~June’ 15

BDT 592 Million

BDT 39.82 Million

BDT 34.33 Million

Exchange Rate

USD1-Tk. 77.8200

EUR 1- Tk. 100.2711

GBP 1- Tk.118.5354

AUD 1 - Tk.82.8563

JPY 1 - Tk.0.9286

CAD 1 - Tk.80.1887

SEK 1 - Tk.12.2870

SGD 1 - Tk.65.3045

CNH 1 - Tk.12.8399

 

 

 

 

 

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

 

 

 

Name

:

Mr. Farid Uddin Ahmed

Designation

:

Officer (Procurement)

Contract No

:

N/A

 

                                                               Locations Details

 

Operating Address

:

28/B, Segun Bagicha, Dhaka -1000, Bangladesh.

Tel No

:

88-02-9337667, 9357827

Fax No

:

88-02-8391480

E-mail

:

info@somatecpharma.com  

Website

:

www.somatecpharmabd.com

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

4200

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

Ö

     

Retail shop

 

 

Industrial Park

 

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

 

 

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Della, Demra, Dhaka, Bangladesh

Tel No

:

Nil

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

60000

Sq. ft.

 

Branches:

 

 

 

 

 

Address

:

Nil

Tel No

:

N/A

Fax No

:

N/A

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

50

In Factory

:

750

In Branch:

:

500

Total

:

1300

Details:

 

                     

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                         No. of Share     

Mr. Syed Rafiqur Rahim

1

Dr. Wali Ullah

1

Mr. Md. Abu Jafar

1

Mir Hafizul Islam

1

Dr. Mirza M. islam

1

Mrs. Hamida Ahmed

1

Dr. S. M. Mostafa

1

Mr. Abdul Hamid Khan

1

Dr. A. R. Khan

1

Dr. Md. Nasir Uddin

1

Mr. Md. Haider Ali

1

 

 

DIRECTORS

 

Name

Designation

Mr. Syed Rafiqur Rahim

Managing Director

Dr. Wali Ullah

Director

Mr. Md. Abu Jafar

Director

Mir Hafizul Islam

Director

Dr. Mirza M. islam

Director

Mrs. Hamida Ahmed

Director

Dr. S. M. Mostafa

Director

Mr. Abdul Hamid Khan

Director

Dr. A. R. Khan

Director

Dr. Md. Nasir Uddin

Director

Mr. Md. Haider Ali

Director

 

 

MANAGEMENT

 

Name

:

Mr. Farid Uddin Ahmed

Job Description

:

Officer (Procurement)

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

 

Importer

Ö

Services

 

Others

 

 

Range of Products:

 

Products

:

Tab, Capsules, Syrup, Suspensions Ointment, Higher antibiotic medicine, Animal Medicine.

Production Capacity

:

N/A

Last Year Production

:

N/A

 

Trading Terms:

 

Purchasing Terms:

L/C

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

Selling Terms      :

L/C

 

Cash

Ö

Others

 

 

 

Credit :

Ö

30 days

 

60 days

 

90 days

 

 

days

 

 

DETAILED DATA

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

N/A

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

:

 

Exports

:

N/A

 

Imports

:

China, India

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

Bangladesh Oshud Shilpa Shamity

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 2 Million

 

Paid-up Capital

:

BDT 110

 No. of Shares

:

11

Share Value

:

BDT10.00Each

Main Assets

:

BDT 39.82 Million

 

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

The subject company don’t submit update financial figure to local registry office.

 

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

N/A

Subsidiary

:

N/A

Name of  The Group

:

N/A

 

 

BANKING

 

Bank Name  

:

National Credit & Commerce Bank Ltd.

 

Bank Address

:

Dhanmondi Branch

Quality Center, 744, Shat Masjid Road,

Dhanmondi, Dhaka, Bangladesh

Tel: 88-02-8110518, 8121240, 9139908,

8143592, 8143594

Fax: 88-02-9139908

 

 

 

ADVERSE DATA MONITORING

 

 

Dishonored Checks           

 

:     

No Record Found         

Debt

 

:

No Record Found

Litigation  

                   

:

Clear         

Performance Defaults

 

:

No Record Found         

Adverse Local Media Coverage/ Adverse Filling History

:

No Record Found

 

 

 

SITE VISIT COMMENTARY

 

Our representative visited the subject company Head Office which is situated at 28/B, Segun Bagicha, Dhaka -1000, Bangladesh. It is Situated at Semi-Commercial area.

 

 

 

GENERAL COMMENTS

 

The subject company is engaged in manufacturer, Importer & Distributor. It is reputed company in this line of business. We recommended that Credit can proceed normally in Moderate amount.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.52

UK Pound

1

Rs.100.43

Euro

1

Rs.70.44

BDT

1

Rs.0.86

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ANK

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.